The weekend was expected to be slightly volatile but the sluggish behaviour of Bitcoin compelled the other major altcoins to remain stuck within a region. The token has held on to crucial support, which suggests the bulls are preparing for the next move. In the meantime, the second-largest crypto, Ethereum, has been displaying acute strength as the bears fail to drag the levels below $3100. Besides, the other altcoins show strength as they intend to outperform the star crypto in the coming days.
The major altcoins, like DeFi’s, NFTs, and some within the top 20, usually follow the ETH price rally. When Ethereum displays strength against Bitcoin, these tokens hold above the critical range. Therefore, this suggests the altcoins are planning for a larger move as ETH/BTC rebounds from key support, which may pave the way to approach the ‘mid-range’.
Throughout the bear market in 2022, the ETH/BTC pair sustained within an average range, showing minor fluctuations. Further, when the cryptos displayed strength against USDT in Q4 2023, the pair faced a significant pullback. Currently, the pair is hovering within a narrow range and the recent rebound from the key support suggests the upcoming ascending pattern of the rally. However, the dropped volume may raise some concerns but the RSI, which is trying hard to trigger a rebound, may turn the tables for the crypto.
On the other hand, ETH bulls are trying hard to nullify the bearish impact as the price trades sideways within a region. The MACD is slowly rising towards the bullish range while the DMI remains neutral as all the levels go parallel. Therefore, the ETH price is expected to remain stuck within the range for a while, followed by a bullish breakout towards the upper resistance zone.
The market participants still appear to be hopeful of the upcoming trend as the bulls continue to hold some dominance. If the ETH/BTC pair maintains an ascending trend and closes the weekly trade on a bullish note, the possibility of the altcoins outperforming Bitcoin surfaces. This may be when a strong altseason begins, wherein the BTC price may stabilise within a narrow range for a while.
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